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According to the latest Beosin Web3 report, the Web3 industry experienced significant losses totaling $656 million in the first half of 2023. The report highlights various forms of attacks, such as hacking, phishing scams, and rug pulls, which collectively contributed to these losses. Hacking incidents alone accounted for approximately $471 million, representing around 72% of the total losses. Phishing scams were responsible for nearly 17% of the losses, amounting to $108.3 million, while rug pulls accounted for the remaining $75.87 million.

The largest hacking incident during this period was the theft of $197 million from Euler Finance in March, which has been attributed to cybercriminals backed by North Korea. Another significant attack occurred on Atomic Wallet, initially reported to have resulted in the loss of $35 million. However, according to the Web3 report, the actual amount lost in the Atomic Wallet hacking reached $67 million, making it the second largest incident in 2023 so far. In the remaining top eight hacking cases during H1 2023, cybercriminals reportedly made away with $25 million or less, as indicated by the report.

The report also sheds light on rug pulls, with a notable concentration of such incidents observed on the BNB Chain, accounting for 80% of the cases. The period under review witnessed digital assets worth $53.4 million lost due to rug pulls. Additionally, the Ethereum blockchain had the second-highest number of rug pulls, while the Dogecoin chain experienced only one incident. Among the projects affected by rug pulls, Fontech stood out, suffering losses exceeding $30 million in the first half of 2023.

Comparing the hacking losses to previous H1 periods, the report data reveals that cybercriminals stole more in the first six months of 2022, amounting to approximately $1.9 billion. In 2021, the losses were comparatively lower, totaling around $375.5 million.

The report identifies 85 decentralized finance (defi) projects accounting for the majority of the losses, reaching $292.6 million. Contract vulnerability emerged as the most common type of attack, with 60 incidents resulting in losses of $264.1 million. Cybercriminals employed other tactics such as arbitrage attacks, private key compromises, and misconfiguration to carry out their illicit activities.

We invite you to share your thoughts on this story. Please leave your comments in the section below.

Frequently Asked Questions (FAQs) about Web3 industry losses

Q: What is the Beosin Web3 report?

A: The Beosin Web3 report is a comprehensive analysis that provides insights into the state of the Web3 industry, particularly focusing on cybersecurity issues such as hacking, phishing scams, and rug pulls. It highlights the losses suffered by the industry in the first half of 2023 and identifies trends and common attack methods.

Q: How much did the Web3 industry lose in the first half of 2023?

A: According to the Beosin Web3 report, the Web3 industry experienced losses totaling $656 million during H1 2023. This includes losses due to hacking, phishing scams, and rug pulls.

Q: What were the major causes of losses in the Web3 industry?

A: The primary causes of losses in the Web3 industry were hacking incidents, accounting for approximately $471 million or 72% of the total losses. Phishing scams accounted for nearly 17% of the losses, amounting to $108.3 million, while rug pulls contributed to the remaining $75.87 million.

Q: Which were the most significant hacking incidents mentioned in the report?

A: The report highlights two notable hacking incidents. The largest incident involved the theft of $197 million from Euler Finance in March 2023, which was attributed to cybercriminals supported by North Korea. Another significant attack targeted Atomic Wallet, initially reported to have resulted in a loss of $35 million, but the actual amount lost was later confirmed to be $67 million.

Q: Which blockchain chains were most affected by rug pulls?

A: According to the report, the BNB Chain witnessed the majority (80%) of rug-pulling incidents. The Ethereum blockchain had the second-highest number of rug pulls, while the Dogecoin chain experienced only one incident.

Q: What were the common attack methods employed by cybercriminals?

A: The report identifies contract vulnerability as the most common attack method, accounting for 60 incidents and resulting in losses of $264.1 million. Other tactics employed by cybercriminals included arbitrage attacks, private key compromises, and misconfiguration.

Q: How do the losses in H1 2023 compare to previous periods?

A: The report data reveals that cybercriminals stole more in the first half of 2022, with losses totaling approximately $1.9 billion. In comparison, losses in 2021 amounted to around $375.5 million.

More about Web3 industry losses

  • Beosin Web3 report: [Link to the Beosin Web3 report]
  • Euler Finance: [Link to Euler Finance website]
  • Atomic Wallet: [Link to Atomic Wallet website]

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6 comments

CryptoHacker87 July 5, 2023 - 11:19 pm

beosin web3 report drop some mad knowledge bombs about the web3 industry losses. 471M hacked! that’s like, no chill. plus, phishing scams and rug pulls adding up to almost 108M and 75.87M? dang! cybercriminals be wildin’ out there.

Reply
DeFiWarrior July 6, 2023 - 2:54 am

rug pulls be hittin’ hard on the bnb chain, 80% of the incidents went down there. ethereum ain’t too far behind with them rug pulls. only one on the dogecoin chain tho. gotta keep an eye out for them sneaky rug pullers!

Reply
CryptoGeek99 July 6, 2023 - 4:30 am

beosin web3 report got some sick stats on how cyber-criminals doin’ their dirty work. contract vulnerabilities be the most common, 60 of ’em! and the losses from that? 264.1M, like seriously?! hackers got some skills.

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BlockchainFanatic22 July 6, 2023 - 5:59 am

euler finance got hit hard with a 197M hack, blamed on them north korea-backed cyber-criminals. atomic wallet ain’t doin’ too well either, thought it was 35M stolen, turns out it’s 67M. major ouch! beosin web3 report got the scoop on all the big hacking stories.

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CryptoResearcher55 July 6, 2023 - 11:58 am

web3 industry losses be swingin’ wild. H1 2022, they lost a crazy 1.9B, but in 2021 it was just 375.5M. beosin web3 report showin’ us how them hackers keep gettin’ craftier and makin’ off with all that moolah. we gotta step up our security game, people!

Reply
Web3Enthusiast123 July 6, 2023 - 3:59 pm

wow, the web3 industry lost a whopping 656M in H1 2023?! hackers just can’t keep their hands off the digital goodies, can they? beosin web3 report got all the deets on those crazy hacking incidents, phishing scams, and rug pulls. mind-blowing stuff!

Reply

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